Britain and Brussels turn on each other for prolonging City's uncertainty

Deadline to agree regulatory equivalence for financial services and allow business after Brexit likely to be missed

Britain and Brussels have each accused the other of holding up a decision on the City of London's ability to do business in EU markets from next year, prolonging the financial services' state of uncertainty about the future.

Both parties had agreed to complete assessments of the other's regulatory regimes for financial services by Tuesday 30 June, with the expectation that they would deemed equivalent", allowing business to continue in the new year.